Evans Wealth Management Blog

Articles written by Evans Wealth Management are designed to educate clients & potential clients on concepts important to their financial future.

New 401K and IRA Contribution Rules for 2021

Happy New Year!

With the new year comes updated IRA contribution rules from the IRS. The changes compared to last year are limited, but the following are some of the most commonly used retirement-related strategies.

  • The 401K employee contribution limit remains at $19,500; however, the total Defined Contribution Plan Annual Addition limit has been raised to $58,000, and the Annual Compensation limit was raised to $290,000.
  • The Social Security wage base has been raised to $142,000. Medicare, as in recent years, has no wage base limit.
  • Individual HSA Contributions are limited to $3,600, and family HSA Contributions are limited to $7,200.
  • For those desiring to make direct to Roth contributions, the AGI phase out range for married couples filing jointly is $198,000 to $208,000. For singles and heads of households, the range is $125,000 to $140,000.
  • The deduction phase-out for an IRA contributor not covered by a workplace retirement plan applies to a couple with an combined income between $193,000 and $203,000. One member of the couple must be an IRA contributor without a retirement plan through their work, and the other member must have the workplace retirement plan to qualify.

These only represent some of the most frequently used retirement benefit and contribution rules. For more information, contact an advisor who knows your financial situation.

All the best in 2021!

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Umbrella Insurance: Why it is a good idea

Most of us wouldn’t think about not having homeowner’s, health and auto insurance. They are everyday staples in today’s society. However, many overlook the advantages of what is known as a Personal Umbrella Policy (PUP). It is probably the most misunderstood and under-appreciated form of insurance available.

In short, a personal umbrella policy is extra liability insurance. It is designed to provide protection beyond the limits of your auto, home or boat policies. It also provides coverage for claims excluded by other policies such as libel, slander and lawsuits related to rental property that you own, none of which are generally covered by other types of insurance policies.

An umbrella policy, however, doesn’t cover everything.

While the name of the policy suggests it covers a broad range of events—seemingly everything—there are limits. It does not cover damages to personal property, contract disputes, business-related settlements or intentional or criminal acts.


So that leaves the question: Who is covered?


An umbrella policy is generally designed to protect you, your spouse, dependents and any relatives living with you. The caveat is that it isn’t likely to cover any who have auto or other policies in their name. For example, your mom living with you might not be covered under your PUP if she has an auto policy in her name. So it is a good idea to check into these things before you get an umbrella policy.


If you do get one, coverage typically extends beyond incidents at your home. For example, if you were traveling outside the country and damaged another vehicle, your PUP would likely cover the damages beyond your auto policy’s limits. And, since coverage tends to come in increments of $1 million, it is surprisingly reasonable in cost.


Unfortunately, we live in an increasingly litigious society. If you have an asset base worth protecting, you should seriously consider the merits of owning this type of protection. Feel free to consult your financial or insurance advisor for its applicability to your specific situation.

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